2007-03-28 07:58:13 · 3 answers · asked by mapper 1 in Business & Finance ➔ Renting & Real Estate
LLC simply refers to the type of business structure. It stands for Limited Liability Corporation and is simpler than a type C Corporation (Inc.) for tax purposes, etc. but still limits the owner's liability. It has no impact on your risk in purchasing a home from them.
2007-03-28 08:19:17 · answer #1 · answered by Roger C 5 · 0⤊ 0⤋
It most certainly is. At the same time it could be dangerous to do this as well. Seller's often give great deals on homes, sometimes offering to credit as much as 6% towards closing costs. Purchasing a home from anybody can be unsafe without proper research and involvement. However, setting up an LLC is not that difficult, so in retrospect you may be purchasing the house from a single person anyway. Always have an attorney, and if possible ask that you(or your attorney) select the title company that pulls the search on the home and closes the loan to ensure that it will be clean without any judgments, liens, or encumbrances after the closing takes place. Good luck with your home purchase, if you need any financing in the state of Illinois perhaps I can offer some assistance.
2007-03-28 08:07:20 · answer #2 · answered by Deepinthegame 2 · 0⤊ 0⤋
Yes...its safe.
2007-03-28 08:02:30 · answer #3 · answered by papri25 1 · 0⤊ 0⤋